Mackenzie Financial Corp Has $3.90 Million Stock Holdings in Snowflake Inc. (NYSE:SNOW)

Key Points

• Mackenzie Financial Corp increased its stake in Snowflake Inc. by 33.8%, now owning a total of 26,695 shares valued at approximately $3.9 million.
• Snowflake's stock recently opened at $205.07, down 8.2%, with a market capitalization of $68.46 billion.
• Insider trading activity includes CFO Michael Scarpelli selling 400,000 shares for $82.1 million, representing a 57.75% decrease in his position.

Mackenzie Financial Corp raised its position in shares of Snowflake Inc. (NYSE:SNOW - Free Report) by 33.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,695 shares of the company's stock after buying an additional 6,739 shares during the quarter. Mackenzie Financial Corp's holdings in Snowflake were worth $3,902,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SNOW. Opal Wealth Advisors LLC acquired a new stake in shares of Snowflake during the 1st quarter worth approximately $26,000. CVA Family Office LLC raised its position in shares of Snowflake by 80.0% during the 1st quarter. CVA Family Office LLC now owns 198 shares of the company's stock worth $29,000 after purchasing an additional 88 shares during the period. West Paces Advisors Inc. acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Spurstone Advisory Services LLC acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Snowflake during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 65.10% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Robert W. Baird increased their price target on Snowflake from $200.00 to $215.00 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada increased their price target on Snowflake from $236.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Jefferies Financial Group increased their price target on Snowflake from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Mizuho increased their price target on Snowflake from $215.00 to $235.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, Cantor Fitzgerald raised their target price on Snowflake from $183.00 to $242.00 and gave the company an "overweight" rating in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Snowflake presently has a consensus rating of "Moderate Buy" and an average target price of $226.73.

Snowflake Price Performance

Shares of SNOW traded down $18.43 during trading hours on Friday, hitting $205.07. 8,572,486 shares of the company were exchanged, compared to its average volume of 3,517,346. The company has a market capitalization of $68.46 billion, a PE ratio of -48.71 and a beta of 1.22. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.58 and a quick ratio of 1.58. The firm has a fifty day simple moving average of $213.88 and a 200-day simple moving average of $182.84. Snowflake Inc. has a one year low of $107.13 and a one year high of $229.27.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, May 21st. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Snowflake had a negative return on equity of 37.75% and a negative net margin of 36.43%. The company's revenue was up 25.8% compared to the same quarter last year. During the same period last year, the company posted $0.14 EPS. As a group, sell-side analysts predict that Snowflake Inc. will post -2.36 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 1,146 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $217.74, for a total value of $249,530.04. Following the completion of the sale, the director owned 4,474 shares of the company's stock, valued at $974,168.76. This trade represents a 20.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael L. Speiser sold 403 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $221.47, for a total value of $89,252.41. Following the completion of the sale, the director directly owned 26,539 shares of the company's stock, valued at approximately $5,877,592.33. This trade represents a 1.50% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,697,855 shares of company stock valued at $586,415,198. 6.80% of the stock is owned by insiders.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.